Gateway Thao Dien apartment in District 2

The figures are a 50% increase on the equivalent period of the previous year.  The first half of 2014 saw $1.13bn FDI enhance the market, itself seen at the time as an encouraging figure.

This new money coincides with wider investment trends in construction of new property and infrastructure, particularly in areas around the country’s economic capital, Ho Chi Minh City.  The construction of new retail and commercial units, on top of transport developments such as the new Metro line, are said to be worth close to $9bn dollars – with even better figures expected in the latter half of the year.

The figure of $1.69bn, released by the Ministry of Planning and Investment, covers the year until the end of June.  Crucially, this was the period immediately before legal changes, allowing foreign individuals and companies to buy property in Vietnam, were enacted on the 1^st of July – an act expected to dramatically increase the inward flow of overseas capital. 

With pre-changes FDI accounting for around 19% of the year’s new money, experts are predicting an even greater upsurge in interest from overseas buyers.

Asset ownership opportunities

Industry leaders are suggesting that foreign businesses – already attracted to Vietnam due to lower labor costs and capital investment requirements – will be further enticed by the prospect of fully owning production units such as factories and warehouses.

CBRE Vietnam is one such leader backing the claim of Vietnam’s increasing appeal to overseas enterprises.  Mrs. Nguyen Hoai An, VP of research for CBRE, says “The potential ROI (return on investment) for businesses taking root in Vietnam is substantially higher than key regional competitors.  Such large-scale expansion and economic repurposing, as is happening in the east of HCMC, just isn’t possible in space-restricted island-states like Hong Kong or Singapore.  Additional asset ownership opportunities simply sweeten the deal for wavering speculators.”

Residential property benefit

The $1.69bn in FDI is focused 22 new or extended projects.  These include Empire City in District 2, a collaboration involving the Government, local investors and the UK’s Denver Power Ltd.

Sala apartment, opposite to Empire City in District 2

In addition to increased interest from foreign and Viet Kieu individuals, attracted by law changes allowing their legal ownership of property for the first time, developers are also banking on increased buying power from the growing number of upwardly-mobile locals.

“The volume of new entrants into the Vietnamese middle-classes is continuing to grow”, said Mrs. Nguyen, “and the luxury segment of the real estate market is expected to become even more profitable.  The relative stability of the economy in the face of regional turbulence – buoyed by closer economic ties to the West through TPP – is facilitating more local entrants into the high-end sector.  Even those wealthy enough to purchase in competing cities, like Bangkok or Kuala Lumpur, are choosing HCMC instead because the initial investment cost is just so much lower in Vietnam.”

As the first figures from the second half of 2015 – the period following changes allowing foreign property purchases in Vietnam – emerge, we’ll be offering exclusive coverage.  Keep in touch with us to hear all the latest news and commentary on the Vietnamese property market.

VietApartment NEWS

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Second chance for you to buy Estella Heights apartments in District 2 in October, 2015.

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Estella Heights apartment showroom first stage

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Estella Heights is under construction of Singaporean KeppelLand and Tien Phuoc

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We would like to invite you to visit our showroom in this month to have the best location, best price and best view. Register now! Or call 0982.89.50.89 for quick respond.

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At a housing conference, the market’s appeal to overseas investment was a hot topic.  There was broad consensus that overseas Vietnamese (Viet Kieu) would be attracted to their country of origin, but less agreement was found on the other new sector of the market: non-Vietnamese foreigners, particularly those that live here and rent currently.

Gateway Thao Dien – Hot and luxury apartment in District 2

Recently conducted research didn’t offer any knockout news for those on the fence, but did confirm that prices are far lower than other regional hubs like Bangkok and Kuala Lumpur.

Much cheaper

In fact, the comparison with neighboring countries was stark.

A ‘standard’, non-luxury apartment in Ho Chi Minh City can start at around $30,000, while similar units in Bangkok, Hong Kong and Manila go at around ten times that rate with median prices at around $300,000.

A cross-section of comparable properties also came out in Ho Chi Minh City’s favor:

In every category, ticket prices in HCMC were considerably lower than counterparts in Bangkok, Jakarta and Manila, ASEAN competitors for foreign investment dollars.

Price and affordability

At the ‘luxury’ end of the scale, average prices again come way under other regional metropoles.

CBRE specializes in research on property worldwide.  A recent report of theirs shows that the average price of luxury apartment in HCMC around $1781 per square meter, (around $178000/unit at 100sqm). Similar apartments in Singapore, Shanghai or Malaysia it cost around $500,000 to $600,000.

Whether these substantially cheaper prices will rise over the next 5-10 years, thus offering greater value to speculators, is questionable – as is any declaration that low prices equate to high value.

What is insightful however is Vietnam’s position in the affordability index.  It suggests that there is scope for locals to invest in first or upgraded homes with a greater degree of ease than some neighboring countries, with average incomes rising and capacity at a favorable level for buyers.

Surveys by market-leading agents like Savills received mixed responses when seeking opinions about current prices.  It came to no conclusion about whether the overall perception that costs were ‘cheap’ or ‘expensive’, but did find common optimism that the market will favor early investment in the first months following permitted foreigner purchases. “The market is still emerging, still taking shape – but all the indicators are that Vietnam’s appeal to foreign businesspeople, investors and professionals will increase substantially over the next decade.” Said Mr. Troy Griffiths, CEO of Savills Vietnam.

The highest-end offerings in the market represent the biggest bargain – and the biggest opportunities for growth, say some leading experts.  Mr. Peter Ryder, “The luxury segment retains very high potency.  Prices are incredibly good in comparison with other cities, averaging around $2900/sqm here in Saigon versus $20,000/sqm in the top-line Bangkok and KL equivalents.”

What do you think?  Got any thoughts on property prospects to share?  Leave a comment below or get in touch for any questions or feedback on the Vietnam property market

VietApartment NEWS

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[HOT] Project Estella Heights Apartment in District 2 will be opened to sell second stage in this September after a successful first stage.

Register now to have reservation and visit showroom! Thank you!

The Vietnamese property market is making genuine progress following stagnation issues which culminated in 2014.  The progress may be skewed, however, by speculators stockpiling property in the hope of creating the illusion of limited capacity in some developments.  Collusion between suspect agents and developers are being condemned by key real estate associations, who are angry that bad practice by the few is harming the reputations of its members.

The Sun Avenue Apartment (Novaland) in District 2

End-purchase customers are seeing prices jump by as much as 800mVND on a previously unoccupied residence as speculators manipulate the ‘early-bird’ market.

Mr. Tuan Anh, a real estate investment analyst, said: “Developers are keen to get buyers in as early as possible, and openly offer ‘first stage’ prices.  Many of these are snapped up by speculators, sometimes even before the official selling period has begun, with the sole aim of selling the property during the second stage.”

Typical ‘early bird’ prices can begin at around 26mVND per square meter, while secondary offers begin at around 28mVND.  Publically, the public and long-term investors are the intended beneficiaries of preferential early investment, but in reality short-term speculators are reaping the benefits.

“While this kind of speculation is frequent in every market, it’s unfortunate that developers are colluding with it by, firstly, promoting ‘early bird prices’ knowing the supply is more limited than their claims, and secondly, trumpeting early sales as a sign of a projects popularity.  This is an artificial boost to second stage interest, and is quite discomforting.”

Too many brokers

Industry representatives echo this disquiet.  General secretary of the Vietnam Real Estate Association (VNrea), Tran Ngoc Quang, is particularly concerned at the negative impact at a time – following the laws of July 1^st – when efforts to attract overseas investors are showing early signs of success.

“Customers are being faced with a barrage of disreputable agents and bad practice, who are inundating enquirers – here and overseas – with repeated pleas to invest in property they know to be inflated in value.”

Approaches by text message are becoming a real cause for concern.  One unhappy recipient, Mr Viet Dung of Hanoi, reports receiving “many messages from strange numbers at all hours of the day, even after midnight.  It’s so persistent, and impacting my sleep, making me feel terrible.”

Electronic inboxes are flooded with equal frequency.  Ms Thuy Hang, also of Hanoi, receives “on a regular basis 15 new messages each time I check my email, many of which offer adjoining or identical properties for varying prices.  It really distorts any interest I had in the first place.”

One developer, who wishes to remain anonymous, distanced himself from such practices while acknowledging their impact:

“Value is high when demand is high.  This kind of practice doesn’t generate demand for the market as a whole, and so disappoints us greatly. The problem is with individual brokers.  For them, it works: they can send thousands of messages to unsuspecting would-be customers, and if they generate even 1 or 2 sales, they’re very happy.”

High brokerage costs

The overall effect is disorientating for would-be buyers.  One such potential homeowner, Mr Tuan of Tay Son-Dong Da, is feeling pressured and misled:

“Every day, I get calls from brokers with different prices, most of which are ascending.  Over the last 2 months, quotes have increased by as much as 3mVND per square meter.  But it doesn’t take much digging to discover they are pushing apartments which have remained unsold the whole time.  It’s bizarre.”

Estella Heights apartment will be opened to sell second stage in this month

The overall health of the market has been trumpeted recently.  The first 4 months of 2015 saw the Ministry of Construction record 5850 transactions, 2.5 times the same period in 2014.  April alone accounted for 1600 completed sales, a 10% rise on the previous month.

Though sales have genuinely seen an upturn in the last year, one Hanoian expert suggested the numbers were inflated by dubious means. “Distributors and brokers are responding to many queries with ‘sorry, sold out’, to create the impression of high demand and inflate short-term prices.”  He went on to say “It’s a pointless inflation – we know these projects are making a healthy number of sales per day, but the announced figures are often magnified two or three fold.  It’s unsustainable and will hurt their projects in the long run.”

All buyers are being subjected to such tactics, but fears are that foreigners and Viet Kieu (overseas Vietnamese) will bear the brunt as they are unfamiliar with the local market.  All buyers are urged to work with reputable agents who are verifiable by trade associations such as:

Hanoi Real Estate Association
Ho Chi Minh City Real Estate Association
Vietnam Real Estate Association

Keep up to date with advice and information as changes to this emerging market take shape.  If you have any question about Viet Kieu and foreigners buying property in Vietnam, get in touch today.

VietApartment NEWS

(Any reproduction of this material by any means, in whole or in part, is prohibited without written permission from VietApartment.com)

Estella Heights -new project in District 2

As of August 9^th, any new development must be guaranteed financially before a project is due to commence.  This updated guidance is seen as a move to reduce perceived risks from overseas investors, who were granted new rights to legally purchase property for the first time on July 1st, 2015. 

New circular

Institutions have acted following a spate of litigation by disgruntled buyers of projects which weren’t delivered on time.  The State Bank’s updated guidance, emerging from Circular No. 07/2015/TT-NHNN, requires certain conditions to be met before a purchase or a project can be ratified.

Guarantees for buyer, developer and lending institutions must now be made clear and transparent before a purchase is recognized.  Should either buyer or developer fail to meet their obligations, the lending parties will be liable to pay full compensation, including re deposits and advance payments.

While it’s expected that additional cost burdens related to securing guarantees from commercial bank may be reflected in marginally higher prices, the aim is to make the property market a more transparent and credible destination for foreign capital.

A bigger role for banks

It’s hoped that asking more of commercial banks will ensure projects are better managed throughout the development phase.  Banks who previously issued lump-sum loans to developers were often left with debts and write-offs, whereas under the new stipulations, commercial banks have an active role in ensuring money is treated correctly through a project’s lifetime.

Lending banks are expected to perform more stringent diligence on a developer’s financial capacity, project feasibility and market conditions before sanctioning contracts.

Masteri Thao Dien apartment will be finished in 2016

Timely delivery and industry credibility are expected to be boosted by these measures, attracting further investment interest from foreigners.  Financially insecure developers are likely to fall by the wayside, which while impacting ambitious start-ups will make the market healthier as a whole.

Overseas Vietnamese (Viet Kieu) and foreign investors will also benefit directly from the Circular updates, with pressure put on the banks to make it easier to access loans in-country rather than requiring guarantees solely from abroad.  Buyers purchasing from established developers with good reputations will also be rewarded, as trusted partners are likely to be offered a lower guarantee fee than less credible competitors.

Get in touch

We’re here to help foreign investors and would-be homeowners make sense of this emerging market.  If you are interested in buying property in Vietnam, contact us with any questions or subcribe our newsletter here.

VietApartment NEWS

Amidst the rush to meet demands for residential property in light of new laws allowing foreigners to buy, Vietnam’s premier developers are racing to fulfill the needs of another sector undergoing a building boom: healthcare.

All the big names are in on the gold rush: Vingroup are building 10 hospitals – branded ‘Vinmec’ throughout the country, as well as a Vingroup Medical University.  Hoa Lam, another big beast of the industry, have broken ground on a vast 40-hectare facility locally known as “Medical City”.  FLC group are also set to join the party, with other construction giants investing heavily in partnerships or readying independent announcements.

Vinhomes Central Park and Vinmec International Hospital

According to Mr. Tran Hong Phong of HCMC Lawyer’s Association, this is a direct result of Government policy: “Each enterprise that invests in hospital construction will have an applicable tax rate of 10% on income during construction, thanks to provisions of the Enterprise Income Tax Law.”

The Government incentives don’t stop there.  Intended to support construction which “benefits the public”, medical construction projects may be eligible for:

• Land tax exemption for 9 years;
• Preferential loan rates for up to 70% of capital outlay;
• Import/export tax exemptions for equipment and logistical costs;
• Relaxation of accounting protocols allowing losses to be pushed back and made tax deductible for up to 5 years.

Ongoing value

Experts estimate that such practices coupled with operational income yields around 20% annually for up to 10 years.  With such grand financial cherries to pick, it’s little wonder that companies – traditionally focused on residential and commercial construction – are looking to leverage every aspect of the medical sector, from hospitals to schools to smaller medical centers.

A former chairman of a large hospital group (asking not to be named) said the picture is very different from five years ago.  “In 2010, it was difficult to get developers on board with such a project due to restrictive registration procedures, and this following long negotiation periods.”

Now though, he says, it’s much easier – but not always entirely in spirit with the law.  “Developers and real estate companies have always liked to retain control over facilities within projects such as entertainment and shopping – now if they include healthcare facilities, they can enjoy the additional benefits of ‘providing for the public’, too”.  Vinpearl Phu Quoc and Vinhomes Central Park are two such projects which include medical facilities, and few dispute the benefits to investor and resident alike of such an approach.
Bed boom needed

What experts are discussing is whether the policy will have a net benefit for the wider public.  Ministry of Health information says that demand for capital currently outstrips supply, with the national budget capable of meeting only 40% of demand (around 20,000billion VND).  The spending aims to bring Vietnam’s healthcare in line with global standards, but the ambition of matching near neighbors is currently some distance from being met.  Hospital bed provision stands at 23 beds per 10000 residents – still short of recommended WHO guidelines (minimum 39/10000) and a long way from South Korea and Japan (at 80 and 140 respectively).

Healthy living space in Estella Heights in District 2

This shortfall – and the desire to catch up fast – spells huge opportunities for companies like Vingroup, Hoa Lam and FLC.  But it isn’t just construction companies, with commercial banks now investing hugely in the field.  Whilst some like VietinBank have entered into negotiation with the Government, BIDV has been the first to formalize its action.  They’ve launched a credit package for with total capital of 20000 billion VND, applicable from from June 15^th 2015 to May 31^st 2022.  Of this, 12000 billion is ring fenced for medical equipment with the remainder dedicated to infrastructure development and maintenance.  Recipients are incentivized with attractive interest rates for up to 15 years.

Time will tell if such dizzying numbers result in benefits to patients – but there is little doubt that Vietnam’s construction and investment industries will be working to make that happen and reap the rewards.

Property in Vietnam has a lot to offer investors – could you be one of the beneficiaries?  Leave a comment below or get in touch and we’ll keep you up to date with industry development.

Tien Phuoc is known as real estate developers with large projects, but the most of alls cooperate with Keppel Land-a leading real estate group of Singapore, and such projects usually known as Keppel Land projects brand.

Even the project Empire City, there is also as cooperation between Tien Phuoc and Keppel Land to develop construction. In 2012, the project have been approved by HCMC People’s Committee for Tien Phuoc -Keppel Land as developers. It is built on Lot 2B land in Thu Thiem urban area –  a combination of commercial centers, offices, apartments, hotels, … especially 86-floor observation tower. At the moment, Keppel Land has now withdrawn from this project.

Tien Phuoc was founded in 1992 by Mr. Nguyen Thanh Lap. He was born in 1950 in HCM City – currently the Chairman of JSC Tien Phuoc, also the Chairman of Management Board Nam Rach Ltd. (a joint venture between Thai Tran – Tien Phuoc -Keppel Land). All companies are investing in many large real estate projects in HCM City.

Projects of Tien Phuoc are often placed in Districts 1, 2, 5, 9, 12 and Binh Chanh district, nearby Binh Duong, Binh Phuoc, Ba Ria – Vung Tau, Khanh Hoa provinces. After 23 years of development, the company now has a chartered capital of 860 billions Dong.

Empire City is just one of many projects that the giant real estate company has invested in self-building or cooperate with foreign partners. In particular, especially the period 2010-2011, this was also the period Tien Phuoc have plenty signings with Keppel Land.

The first large project of Tien Phuoc in HCMC is Phu Binh Khanh resettlement. Phu Binh Khanh was built in 2009, by Nam Rach Ltd. as an investor, with the scale of 1,844 apartments on a 3,6 hectares land area. On June 2011, there were 512 first apartments handed over, in 2012 with additional 620 apartments.

However most well-known one is The luxury project named Estella and the luxury villas along Saigon River.

The Estella 1393 apartments placed in District 2, which has completed progress 1 and ongoing investment in progress 2 (Estella Heights) on an area of 2,54 hectares , including 496 apartments with 33 floors tower, priced from 36 million Dong per square meter ($1.800), scheduled to complete in 2017.

Estella Heights apartment in District 2 opened to sell 2 last buildings in this September

Tien Phuoc and Keppel Land is currently under cooperation in many high-end real estate projects such as Nam Rach Chiec 30 hectares, by Nam Rach Ltd. as an investor. The total project investment is 38 millions USD, of which 42% Keppel Land, 38% of Tien Phuoc and 20% Tran Thai. The complex project among the river is expected to create a new community with 4,700 apartments.

By late 2010, Tien Phuoc and Keppel Land has continuously signed many cooperation contracts to build villas along the Saigon River. Including that is 225 villa apartments in District 9 which has total investment of 115 millions USD. Tien Phuoc invest 50% and Keppel Land 50%. Besides, these 2 great companies has another cooperation to complete a riverside villa of 11 hectares with 175 units.

Mega Villa of Khang Dien just 500 meters from Long Truong Project of Tien Phuoc

Besides the cooperation project with Keppel Land, Tien Phuoc has also implemented some specific projects such as Long Truong in District 9 with 43 villas and the Greenfield Village with 18 apartments.

Empire City project is an ambitious project of Tien Phuoc. According to the representative of Empire City, the company will arrange financing with best interest from foreign financial institutions and use of Vietnamese human resources is key to developing and operating the project.

VietApartment NEWS

In the first half of 2015, the Vietnam real estate market of apartment for sales has a sharp breakthrough, especially the supply of opensales projects. According to the statistics, 13.000 apartments are opened for sales in the first half year. This amount is equal to the supply of the whole 2014 year. In forecast by experts, The supply of the whole year would become over the strong growth period in 2006 – 2010.

Ms. Do Thu Hang, Head of Research and consultancy department of Savills Hanoi has answered around this problem.

Despite of a large amount of apartment for sales in the market, there is still a phenomenon of increasing price after every open sales ceremony of the developers. In your opinion, what is the reason for this problem?

We realize that recently there is large amount of apartment for sales. In detailed, it is about 7.000 units in 1st Quarter (the consumption rate is 40%),  6.000 units more was added in 2nd Quarter from 27 different projects. So, the total amount is about 13.000 apartments.

There are some developers consider about the quantity of apartments after each sales opening, or consider to increase apartment prices periodically. In my opinion, it is their business strategy. Only projects with good location or high reputation investors could raise prices.

Do Thu Hang, Head of Research and consultancy department of Savills Hanoi

The fact of speculative trends have returned to the real estate market. According to you, what is the impact of this trend in ̉ the rest of this year, 2015?

Currently, it’s a really big number of speculative investors in each project. Real demand is still there but not equal to the amount of speculators and investors. We think that this may cause some consequences. When a speculative investor buy a house, they expect the house price would raise in the future. And this will lead to the price increasing in the future of whole market. However, we don’t need to worry so much about that due to the big number of products in the real estate market, even the buyer with speculative purpose will meet that problem and should consider carefully.

We predict that many transactions to be made in the rest of 2015. However, the speculative factor may distort demands.

The real estate market has a sharp recovery at this time. The supplies and credit increases 11% compared with the same period last year. So, according to you, would it occur the real estate bubble or not?

Looking at the short term, in recent, the market reached its bottom and had a fast recovery. We realize that the transactions in 2015 are in the high level. The fact that Transactions in the first half 2015 are the same with the whole 2014 may lead the whole year transaction to be over the developed period in 2006-2010. Recently,  construction progress become so fast and the buyers turn to worry about, especially the bank ensure the construction progress for the buyer after the first of July.

Estella Heights apartment of Keppeland will be opened for sale second stage in this September

However, the market just become better this time, so in the short term there can’t be a bubble. Besides, there are so many apartment for sales, about 8.000 units and would be significant more in the future. The supplies would be enough for the demands. Customer needn’t have to dispute on the supply that makes the price goes up. So, there are many factors indicate that there won’t be any bubble in the next time.

VietApartment NEWS

Literatured from CafeF

Talking to the media at the meeting to announce the program “Comeback Homeland Spring 2015”, Deputy Minister of Foreign Affairs Vu Hong Nam said, from the law of housing amended on, there were 7.000 oversea Vietnamese owned a house in Vietnam. “With the environment for investment, business is gradually improving, the changes in approaches of the law-maker…pulled oversea people back to their homeland more and more”
Results from the Research Institute for Economic Management TW (Minister of Planning and Investment) and Western Union conducted at the end of 2014 said, a remarkable portion of remittances sent back to Vietnam used to buy real estate.
Total of remittances in 2014 reached 12 billion USD. 16-17% flowed into real estate market.

Estella Heights apartment in District 2 attracts many Vietkieu’s attention at the moment

Vinhomes Central Park apartment residence is one of great choice for foreigners in Vietnam in 2016

Commenting on the changes in housing policy in Vietnam, Richard Leech, Executive Director of CBRE Vietnam, the conditions for foreigners to own houses in Vietnam more open than the previous forecast, which marked an important step in opening up the real estate market for foreign investors. The two provisions are limited only to the foreign ownership period not exceeding 50 years and the amount of property owned up in an apartment building / a ward-level administrative units (or equivalent equivalent). In addition, there are no limits on property ownership permitted. Answering the question, whether or not a wave of overseas Vietnamese and foreigners poured money to buy real estate in Vietnam when the Housing Law (amended) effective from 01.07.2015, Richard Leech said that may Law no immediately impact, but it definitely makes the housing market has improved recently went towards more positive.
“Housing Law amendment will help Vietnam market becomes more attractive for foreigners living and working in Vietnam, who want to invest in this market and erase the initial barriers, create a more fair playing field between foreigners and people of Vietnam, “said Mr. Leech.

Compiled by VietApartment NEWS

Literatured from Vietnamnet

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